© Siemens

There were signs of stabilization in the Process Industries and Drives division, with an increase in incoming orders for oil and gas and other commodity-related markets. This was offset by a sharp decline in demand for components for wind turbines. The decline in sales was mainly due to the large drives and solutions business, which was only partially offset by moderate growth in the process automation business. According to Siemens, earnings and profitability were impacted overall by ongoing operational challenges - particularly in the Large Drives business - as well as by burdens from capacity adjustments.